Moniepoint Takes on Kuda Bank, Zenith, Others With New App, Debit Card, Retail Banking

Aug 20, 2023 | Uncategorized


  • Moniepoint, one of the leading players in the PoS business, is moving into full retail banking
  • The company revealed that it will begin the issuance of debit card and announced the launch of a new mobile app
  • The bank currently boasts 33 million users and will be one of the largest banks by customer base

Moniepoint is taking on traditional banks by introducing a new mobile app and debit card.

The company has dominated the Point of Sale (PoS) market alongside Opay, PalmPay and is now expanding into retail banking.

Moniepoint, Opay, PalmPay
Moniepoint begins retail banking
Credit: Moniepoint
Source: Getty Images

The company’s entry plan is a new consumer app and debit card. The products will be available to its 33 million terminal users nationwide.

Moniepoint moves to challenge big banks with retail banking

The company revealed that over 1.5 million businesses using the Moniepoint Microfinance Bank platform can access the app and use the debit card.

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BusinessDay report said that a senior vice president for channels and sales at Moniepoint, Ope Adeyemi, revealed that personal banking allows it to connect businesses and customers more effectively while supporting them with dedicated infrastructure and services.

Adeyemi said the platform is committed to providing financial happiness, and rolling out the new products is the natural next step.

The Microfinance bank’s entry into retail banking comes when conventional banks raise their investment in the banking segment to cushion revenue against economic breakdown.

Big banks like First Bank, Access Bank, UBA, GTBank, and Zenith have invested resources into developing their customer base along the retail banking corridor.

Experts say that growing retail banking in Nigeria will drive financial inclusion and bring the millions of unbanked population into the net.

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Nigeria targets about 80% of its population in its financial inclusion target by 2020.

Data from Enhancing Financial Innovation and Access reveals that only 64% of Nigerian adults were captured in the financial inclusion plan as of the end of 2020.

One of the biggest banks by customer base

Analysts say Moniepoint comes with some benefits with its customer base of 33 million, touted to be the largest bank by customer base, behind Access Bank, with 49 million, Opay, with 40 million, and First Bank, with 39 million.

Others in the top ranks are UBA, with 30 million customers and GTBank, with 28 million customers.

Moniepoint is moving into the third phase and quickly leverages its 33 million customer base to scale its retail banking plan.

Big on agency banking with over 6,000 agents

Before now, it had concentrated solely on growing its PoS market and is currently the largest in the banking agent market with 611,213 agents.

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The company currently processes over $170 billion in annual total payment value, making it the largest fintech company in Nigeria.

The company morphed into a complete-service business last year when it received its banking license from the Central Bank of Nigeria (CBN) and launched operations as a complete-service business bank.

The company’s vice president of loans, Tobi Amira, said solving problems like reconciliation and stability faced by agents was the most significant selling point for the company, proving essential when the apex bank moved to redesign the naira, leading to a shortage of cash in Nigeria.

“We identified problems around reconciliation, support, and distribution that no one was addressing and created reliable solutions for agents,” Amira wrote in a LinkedIn post.

“PoS Charges:” OPay, MoniePoint, PalmPaybattle for PoS market as merchants stretch bank agents

Legit.ng reported that the emerging Point of Sale (PoS) market in Nigeria has seen some of the most prominent players in the industry lock horns and vie for customers’ attention.

Read also

Students, businesses struggle to get dollars from banks amid forex shortage

PoS operators are facing massive threats as merchants entered the territory that was once the forte of bank agents and shrank their market share.

The move led the Federal Competition and Consumer Protection Commission (FCCPC) to demand the immediate reversal of the fee hike. It threatened to slam them with a fine for violating its cease-and-desist order.

Source: Legit.ng



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